The global economy has been pretty healthy since the 2008 financial crisis. The IMF projected in 2017 that the worlad would be experiencing annual GDP growth of over 4% by 2021. This did not happen but the world seems to be on that path. 2017, 2018, and 2019 maintained a positive global GDP growth rate averaging at about 2.8%. Despite Covid 19 disruptions, the global economy managed to expand by 3.3% in 2020 and 3.4% in the year 2021, informs pocketoption.
Increased international demand is among the major factors contributing to the rising global GDP, as both developed and emerging markets experience changing consumer tastes. Real estate, infrastructure, technology, chemicals, and farm produce are the primary sectors transforming the earth’s economy.
Piyush Goyal, India’s Minister of Commerce & Industry, projects a 1 trillion dollars worth of exports from India to other countries by the year 2030.
“I would want a larger share of the UAE market in the years to come because, for me, the target is $1 trillion of export of merchandise from India by 2030,” said Goyal.
Goyal made this statement at an event where both Indian and UAE business leaders were attending along with their Ambassadors and Ministers.
“We are in the game for around $100 billion each way in the next six to seven years. We are in the game for at least $250 billion in bilateral trade. I would like all our industry people to set the timeline. I think it’s possible and I come with renewed enthusiasm after having achieved India’s historic high of $400 billion-plus exports for the first time ever,” said the Minister.
India has been recording a gradual increase in export earnings. The year 2021-2022 saw the country posting total revenue of more than $400 billion in exports, a growth of over $100 billion from the previous financial year. Chemical production and farming were the contributors to this figure. The government announced on Saturday that the country had secured another new market for firm produce, specifically fruits. The move is expected to benefit Indian farmers growing these crops and enhance the country’s export earnings.
Following negotiations between Agriculture Secretary Manoj Ahuja and Canadian High Commissioner H E Cameron MacKay, Canada agreed to open up its market for fresh bananas and baby corn to India with immediate effect. India is currently the world’s number one supplier of Bananas and Mangos. A statement confirming the approval stated,
“Canada informed that export of fresh baby corn from India to Canada may begin from April 2022 after update of directive D-95-28: plant protection import and domestic movement requirements for corn and the automated import reference system,”
“Based on the technical information provided for fresh bananas by India, Canada has approved the entry of bananas into Canada with immediate effect,” it added.
With the ever-increasing demand for India’s engineering products, textile goods including women clothing, chemicals, and gems, there is a likelihood that the country will hit the $1 trillion export target of 2030 if it continues finding new markets for other products as it just did in Canada. Also considering that the financial year 2021-2022 recorded a growth of over $100 million in exports, analysts believe that Piyush Goyal’s target isn’t out of reach for India.